Under a perpetual inventory system, the journal entry needed to record the sale of a job includes a Question 41 options: debit to Cost of Goods Sold account and credit to Sales Revenue account. debit to Sales Revenue account and credit to Accounts Receivable account. debit to Accounts Receivable account and credit to Sales Revenue account. debit to Finished Goods Inventory account and credit to Cost of Goods Sold account.

The perpetual inventory system is a method of recording transactions of purchases or sales in the…

Answered: Under a perpetual inventory system, the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Now record the cost of the putters sold on the 6th. Date Nov. 6 Accounts and Explanation Cost of Goods Sold Merchandise Inventory To record the cost of goods sold. Debit Credit
If the balance in the inventory account is greater than the physical count, which of the following journal entries is recorded? a.Debit Merchandise Inventory and credit Inventory Short and Over b.Debit Merchandise Inventory and credit Cost of Goods Sold c.Debit Cost of Goods Sold and credit Merchandise Inventory d.Debit Inventory Short and Over and credit Merchandise Inventory
___________The account used under periodic system to record returns of purchased goods to the supplier.
Suppose you are being interviewed for a bookkeeping job for a retailer that uses a perpetual inventory system. The employer feels that the only way to determine whether or not the person being interviewed actually understands how to record transactions, is to ask them to provide an example showing the accounts (no amounts necessary) that would be debited and credited for the following: Purchase merchandise inventory on account. Sale of goods on account Return of part of the merchandise purchased in 1. above to the supplier. Payment to supplier, taking advantage of the discount that was offered. Return of goods by customer for credit. Payment received from customer, taking advantage of discount that was offered.
When the buyer pays the freight costs, the entry to record the payment under a perpetual inventory system would include a debit to _______. Question content area bottom Part 1 A. Freight In B. Inventory C. Purchases Discounts D. Delivery Expense
The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and loss account(iii) Purchase returns account(iv) Furniture account
The merchandise Inventory account balance in the Trial Balance columns of a worksheet for a merchandising entity that uses periodic inventory system appears in both the debit and the credit columns appears in the credit column only is correct as stated is the same as it was at the beginning of the period
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.
Under a perpetual inventory system, acquisition of merchandise for resale is debited to O the Supplies account. O the Cost of Goods Sold account. O the Inventory account. O the Purchases account.
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?

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	debit to Cost of Goods Sold account and credit to Sales Revenue account.
	debit to Sales Revenue account and credit to Accounts Receivable account.
	debit to Accounts Receivable account and credit to Sales Revenue account.
	debit to Finished Goods Inventory account and credit to Cost of Goods Sold account.